If you are in the market to buy a house in Lakeland Fl, chances are you have come across many Short Sales. While the process of a Short Sale can take months the question comes up quite often when the multiple listing (MLS) description states “Approved Short Sale”.
First of all, an approved short sale is established when the listing agent and lender have already completed the paper work with a buyer submitting a fully executed contract for sale and purchase. The lender completed broker priced opinion (BPO), reviewed the short sale package submitted by the listing agent on behalf of the seller and agreeing to the contract therefore issuing a short sale approval letter with an approved price. However, the buyer became impatient and walked or the buyer did not agree with the seller’s lender approved short sale price. In a perfect world, the process of approving your contract will be done quickly and you will receive an approval relative fast, however short sales in Lakeland FL don’t live in a perfect world.
Can I still negotiate the price on a Lakeland FL Approved Short Sale?
Yes! Just because the MLS listing description states “Approved Short Sale” does not mean you have to agree to the price. This happens especially when the approved short sale price is weeks old, the home’s condition has deteriorated and values have declined further. A new offer certainly will have to be reevaluated by the short sale lender for a new approval and time could be an issue if you have to move into a new home soon. Remember the new approved price may or may not be the approved price stated in the MLS.
Keep in mind each short sale in Lakeland FL is unique and patience is still required even if it says “Approved Short Sale”. Hiring a buyer’s agent who is experienced in the short sale process and is knowledgable about the Lakeland Fl real estate market is essential and to strategize your next step.
Disclaimer: I’m a licensed Florida Real Estate Broker, not an attorney or certified public accountant (CPA). This is not legal advice, only to be used for informational purpose. For specific state laws and legal questions, consult your attorney.
IMPORTANT NOTICE: CDV Transatlantic,Inc. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
Copyright © 2011 By Petra Norris * Can I still negotiate the price on a Lakeland FL Approved Short Sale?*